28 Feb 2011 9:53 AM:
Our court case took place on Tuesday (21st Feb). About 2 months ago our solicitor told us that Peinsa had requested our preence there. However, about three weeks ago, she rang us to say that they had changed their minds. We were not even allowed to attend the hearing. Apparetly this has happened before with Peinsa but others have sometimes only been given one day's notice that they were not required. We now have to wait 2-3 months at least before the judgement will be received. Added to the two-and-a-half years since we started the action! It's a long waiting game. If we win, then we have no idea when we'll get repaid. Diand
Community thread: Court proceedings
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12 Dec 2008 2:02 PM:
Sounds like we may have the same solicitor - it was certainly Amba Sun we dealt with initially. We have a different problem in that we now want to withdraw from our contract on the grounds of breach of contract (over 2 years late). However, although we were assured (in may) that we would get a refund after 6 months, it was not to be. We now have to sue and have paid a 'retainer' of €2,500 to our solicitor (assistant). We're told that Peinsa are stalling for time and that although it might take 2 years to come to court, we should get a full refund with expenses and 'legal' interest. Unlike a lot of people whose houses are not complete, ours is on phase IV and ready for occupation I believe. It's a pity we can't swap with someone who wants to complete but whose house is yet to be built!
Community thread: current info please
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20 Sep 2008 7:53 AM:
My daughter decided in May to withdraw from the purchase at CDP as her circumstances have changed dramatically since contracting to buy on Phase 1V in April 2005 (completion date given as May 2006). However, Peinsa have now backed out of a deal struck with other people wanting to withdraw and who were expecting to get their refund around about now. They were told 6 months for a refund. My daughter was expecting to get hers later this year but apparently Peinsa are making people take legal action for breach of contract which could take 2 years to get a court hearing. So we're now having to decide whether to get our solicitors to take that action (at an upfront retainer cost) for a refund plus legal fees and legal interest - which could drag on for years; or go ahead with the purchase and hope that rental income will cover the mortgage payments until such time that it could be sold. Not an easy choice. We were told on Thursday (18th)that the habitation licences for Phases 1-3 were expected that very day! Peinsa don't have a leg to stand on but this would mean they cold hold onto deposits for another 2 years which would help their finances and discourage others to withdraw. It's obviously a stalling tactic but very disappointing for those given reassurance that they would be refunded albeit with no interest payments!
We have a villa in Arboleas and so visit San Juan regularly while we are here. We like the place very much and it seems very popular with all the people we meet. Apparently the banks are still valuing the properties for mortgage purposes at around the purchase price mark or above so it's all still fairly positive. However, with all the delays it's difficult not to have resentment against the builder, after all we've all put down hefty deposits on the understanding that our properties would be completed on time. The financial world is a very different place to what it was in 2005 and the euro mortgage interest rate has risen considerably making the investment much less attractive.
Community thread: For those wanting something for literally NOTHING ...
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12 Mar 2008 5:08 PM:
Thanks for your reply. I'll certainly take some photos and email them to you.
Best wishes,
Diane
Community thread: The Compensation Letter
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11 Mar 2008 11:18 PM:
Hi All,
I only discovered his forum today. We have a villa in Arboleas which we bought off-plan at exactly the same time as our daughter was seduced into buying a Calas del Pinar villa at San Juan i.e. April 2004 - both due for completion in May 2006! Luckily ours was completed on time and we have been monitoring progress on our daughter's property for the past 2 years. Our solicitor just told us 'don't worry, they're a reliable company and your property is increasing in value all the time'! That's not much compensation for having 50% tied up for 2 years without any interest or rental income! We are still resident in UK but are travelling to Spain next week when we shall be trying to get some answers. We would be very grateful to receive a copy of the compensation letter mentioned in this thread and will send a personal message as requested. Our property is Plot 38 on Phase 4. From the photos I can see that there's been lots of progress since our last visit in November 2007. We bought through agents Amba Sun.
Really pleased to find this forum and look forward to keeping up-to-date with progress.
Diane
Community thread: The Compensation Letter
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